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linda_us, Master's Degree
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1. The convention of consistency refers to consistent use of

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1. The convention of consistency refers to consistent use of accounting principles:

among firms

within industries

among accounting periods

throughout the accounting period

2. Jayadev Athreya has started his first job. He will invest $5,000 at the end of each year for the next 45 years in a fund that will earn a return of 10 percent. How much will Jayadev have at the end of 45 years?





3. Variance reports are:

SEC financial reports

internal reports for management

external financial reports

all of these

4. Horizontal analysis is also known as:

linear analysis

vertical analysis

common size analysis

trend analysis

5. Turnbull Corp. had an EBIT of $247 million in the last fiscal year. Its depreciation and amortization expenses amounted to $84 million. The firm has 135 million shares outstanding and a share price of $12.80. A competing firm that is very similar to Turnbull has an enterprise value/EBITDA multiple of 5.40.

What is the enterprise value of Turnbull Corp.? Round to the nearest million dollars.

$1,787 million

$1,344 million

$1,315 million

$453.6 million

6. Regatta, Inc., has six-year bonds outstanding that pay a 8.25 percent coupon rate. Investors buying the bond today can expect to earn a yield to maturity of 6.875 percent. What should the company’s bonds be priced at today? Assume annual coupon payments. (Round to the nearest dollar.)





7. How firms estimate their cost of capital: The WACC for a firm is 13.00 percent. You know that the firm’s cost of debt capital is 10 percent and the cost of equity capital is 20% What proportion of the firm is financed with debt?





8. The cash conversion cycle?

estimates how long it takes on average for the firm to collect its outstanding accounts receivables balance.

begins when the firm uses its cash to purchase raw materials and ends when the firm collects cash payments on its credit sales.

begins when the firm invests cash to purchase the raw materials that would be used to produce the goods that the firm manufactures.

shows how long the firm keeps its inventory before selling it.

9. The accumulation of accounting data on the basis of the individual manager who has the authority to make day-to-day decisions about activities in an area is called:

responsibility accounting

flexible accounting

master budgeting

static reporting

10. Which of the following financial statements is concerned with the company at a point in time?

balance sheet

statement of cash flows

income statement

retained earnings statement

11. The major element in budgetary control is:

the approval of the budget by the stockholders

the comparison of actual results with planned objectives.

the preparation of long-term plans

the valuation of inventories

12. The group of users of accounting information charged with achieving the goals of the business is its:





13. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?

most common form of organization

reduced legal liability for investors

lower taxes

harder to transfer ownership

14. Teakap, Inc. has current assets of $1,456,312 and total assets of $4,812,369 for the year ending September 30, 2006. It also has current liabilities of $1,041,012, common equity of $1,500,000 and retained earnings of $1,468,347. How much long-term debt does the firm have?





15. Gateway, Corp. has an inventory turnover of 5.6. What is the firm’s days’s sales in inventory?





16. An activity that has a direct cause-effect relationship with the resources consumed is a(n):

product activity

cost driver

cost pool

overhead rate

17. The process of evaluating financial data that change under alternative courses of action is called:

cost-benefit analysis

double entry analysis

contribution margin analysis

incremental analysis

18. An unrealistic budget is more likely to result when it:

is developed with performance appraisal usages in mind.

has been developed in a top down fashion.

has been developed by all levels of management.

has been developed in a bottom up fashion.

19. Serox stock was selling for $20 two years ago. The stock sold for $25 one year ago, and it is currently selling for $28. Serox pays a $1.10 dividend per year. What was the rate of return for owning Serox in the most recent year? (Round to the nearest percent.)





20. Which of the following is considered a hybrid organizational form?


sole proprietorship

limited liability partnership


21. A cost which remains constant per unit at various levels of activity is a:

manufacturing cost

mixed cost

fixed cost

variable cost
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